Based on Mr. Suzukis estimate of 1-3% growth rate of Saito Solars free cash flows over the next 20 years, how much would Saito Solar be valued at? The owners required rate of return was 10%. Please show all calculations. Thanks

Appendix 3. Saito Solar, Projected Profit & Loss and Cash Flows (millions of Yen, year ending June 30) Actual 2012 6,234.1 4,041.9 2,192.2 35.2% Projected Sales COGS Gross margin 2013 20142015 2016 2017 7,792.6 9,351.2 10,753.8 11,829.2 12,420.7 4.994.85,993.8 6,8928 Z,582.1 9612 2,797.8 3,357.4 3,861.0 4,247.14,459.5 35.9% 35.9% 35.9% 35.9% 35.9% Gross margin (9%) Marketing & selling G&A expenses EBITDA 1,030.2 569.0 593.0 9.5% 1,202.0 1,344.2 504.4 1,722.9 1,875.0 660.2 960.0 134.2.180.2 1,200.0 935.6 1,053.2 1,222.4 1,344.0 1,384.5 12.0% 11.3% 11.4% 11.4% 11.1% EBITDA margin (%) Depreciation EBT 156.4 436.6 7.0% 174.4 190.0 200.0 2205 250.0 7612 863.2 1,022.4 1,123.5 1,134.5 EBT margin (%) 9,5% 9,2% 9,5% 9,5% 9.1% Taxes Net Income (NI) 172.5 264.1 4.2% 289.3 328.0 388.5 426.9 431.1 472.0 535.2 633.9 696.6 703.4 61% 5.7% 5.9% 5.9% 5.7% Return on sales (%) Operating Cash Flows 420.5 6464 725.833.9 917.1953.4 NI +Depreciation) Change in NWC Change in CAPEX Free Cash Flow (170.4) (200.0 (210.0) (245.0) (260.0 (275.0) (50.0) (50.0 (50.0 (50.0 (50.0) 396.4 465.2 538.9 607.1628.4 250.1